-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, NHDnd79chBcgxgZAk0QI4lMFUWbraO5De1sUWYQabKPpqiDlFL+mJDCBxpAy1Yvh PClcKI4FAbx2WzvX8VK8WQ== 0000912057-96-002219.txt : 19960216 0000912057-96-002219.hdr.sgml : 19960216 ACCESSION NUMBER: 0000912057-96-002219 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950630 FILED AS OF DATE: 19960213 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: ROBINSON NUGENT INC CENTRAL INDEX KEY: 0000276747 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRONIC CONNECTORS [3678] IRS NUMBER: 350957603 STATE OF INCORPORATION: IN FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-09010 FILM NUMBER: 96516294 BUSINESS ADDRESS: STREET 1: 800 E EIGHTH ST STREET 2: PO BOX 1208 CITY: NEW ALBANY STATE: IN ZIP: 47151-1208 BUSINESS PHONE: 8129450211 MAIL ADDRESS: STREET 1: PO BOX 1208 CITY: NEW ALBANY STATE: IN ZIP: 47151 10-Q 1 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended DECEMBER 31, 1995 ------------------------- OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to -------------- ---------------- Commission File Number 0-9010 ------------------------------------------------ ROBINSON NUGENT, INC. - ----------------------------------------------------------------------- (Exact name of registrant as specified in its charter) INDIANA 35-0957603 - ----------------------------------------------------------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 800 East Eighth Street, New Albany, Indiana 47151-1208 - ----------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (812) 945-0211 -------------------- Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No ------- ------ Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practical date: As of January 31, 1996, the registrant had outstanding 5,390,908 common shares without par value. Page 2 The Index to Exhibits is located at page 13 in the sequential numbering system. Total pages: 14. Page 3 ROBINSON NUGENT, INC. AND SUBSIDIARIES INDEX PAGE NO. -------- PART I. Financial Information: ITEM 1. Financial Statements (Unaudited) Consolidated condensed balance sheets at December 31, 1995, December 31, 1994 and June 30, 1995 . . . . . . . . . . . . . . 4 Consolidated condensed statements of income for the three and six months ended December 31, 1995 and December 31, 1994 . 6 Consolidated condensed statements of cash flows for the six months ended December 31, 1995 and December 31,1994 . . . . 7 Notes to consolidated condensed financial statements . . . . . 8 ITEM 2. Management's discussion and analysis of financial condition and results of operations . . . . . . . . . . . 9 PART II. Other Information . . . . . . . . . . . . . . . . . . . . 12 Page 4 PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS ROBINSON NUGENT, INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEETS (UNAUDITED) (IN THOUSANDS, EXCEPT SHARE DATA)
December 31 -------------- June 30 1995 1994 1995 ------- ------- ------- ASSETS Current assets: Cash and cash equivalents $ 2,622 $ 2,673 $ 2,460 Accounts receivable, net 10,712 9,197 12,209 Inventories: Raw materials 2,143 1,573 1,730 Work in process 6,780 6,594 6,861 Finished goods 3,118 2,732 2,687 ------- ------- ------- Total inventories 12,041 10,899 11,278 Other current assets 1,815 2,340 2,418 ------- ------- ------- Total current assets 27,190 25,109 28,365 ------- ------- ------- Property, plant & equipment, net 25,434 21,141 24,609 Other assets 948 58 1,195 ------- ------- ------- Total assets $53,572 $46,308 $54,169 ------- ------- -------
See accompanying notes to consolidated condensed financial statements. Page 5 PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS (CONTINUED) ROBINSON NUGENT, INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEETS (UNAUDITED) (IN THOUSANDS, EXCEPT SHARE DATA)
December 31 June 30 ------------- ------- 1995 1994 1995 ------ ------ ------ LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Current installments of long-term debt $ 660 $ 345 $ 924 Short-term bank borrowings 2,059 -- 538 Accounts payable 4,785 4,789 6,131 Accrued expenses 3,957 4,162 4,456 Income taxes 371 637 441 ------ ------ ------ Total current liabilities 11,832 9,933 12,490 ------ ------ ------ Long-term debt, excluding current installments 3,693 2,375 4,143 Deferred income taxes 1,061 593 1,056 ------ ------ ------ Total liabilities 16,586 12,901 17,689 ------ ------ ------ Shareholders' equity: Common shares without par value Authorized shares: 15,000,000; Issued shares: 6,850,550 20,950 20,775 20,896 Retained earnings 22,750 21,016 22,325 Equity adjustment from foreign currency translation 3,487 2,657 3,774 Employee stock purchase plan loans and deferred compensation (577) (967) (768) Less treasury shares: 1,459,642 shares at December 31, 1995, and 1,532,630 shares at December 31, 1994, and 1,479,586 shares at June 30, 1995. (9,624) (10,074) (9,747) ------ ------ ------ Total shareholders' equity 36,986 33,407 36,480 ------ ------ ------ Total liabilities and shareholders' equity $53,572 $46,308 $54,169 ------ ------ ------
See accompanying notes to consolidated condensed financial statements. Page 6 PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS (CONTINUED) ROBINSON NUGENT, INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF INCOME (UNAUDITED) (IN THOUSANDS, EXCEPT PER SHARE DATA)
Three Months Ended Six Months Ended December 31 December 31 ------------------ ---------------- 1995 1994 1995 1994 ------- ------- ------- ------- Net sales $20,047 $18,921 $40,547 $38,524 Cost of sales 15,775 13,652 31,014 27,686 ------- ------- ------- ------- Gross profit 4,272 5,269 9,533 10,838 Selling, general and administrative expenses 4,013 3,823 7,786 7,757 ------- ------- ------- ------- Operating income 259 1,446 1,747 3,081 ------- ------- ------- ------- Other income (expense): Interest income 31 38 58 68 Interest expense (109) (65) (233) (111) Royalty income 30 24 60 236 Currency gain (loss) (49) 15 (101) (16) Other expense (63) (38) (122) (23) ------- ------- ------- ------- (160) (26) (338) 154 ------- ------- ------- ------- Income before income taxes 99 1,420 1,409 3,235 Income taxes 155 483 665 1,200 ------- ------- ------- ------- Net income (loss) $ (56) $ 937 $ 744 $ 2,035 ------- ------- ------- ------- Net income (loss) per common share $ (.01) $ .17 $ .14 $ .37 ------- ------- ------- ------- Dividends per common share $ .03 $ .03 $ .06 $ .06 ------- ------- ------- ------- Weighted average number of common shares outstanding and common share equivalents 5,438 5,371 5,443 5,361 ------- ------- ------- -------
See accompanying notes to consolidated condensed financial statements. Page 7 PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS (CONTINUED) ROBINSON NUGENT, INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) (IN THOUSANDS)
Six Months Ended December 31 ----------------- 1995 1994 ------- ------- Cash flows from operating activities: Net income $ 744 $ 2,035 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 2,507 1,662 Losses from disposition of capital assets 167 -- Decrease in receivables 1,497 1,342 Increase in inventories (763) (1,092) Decrease in other current assets 332 294 Decrease in accounts payable and accrued expenses (1,845) (94) Increase (decrease) in income taxes 206 (134) ------- ------- Net cash provided by operating activities 2,845 4,013 ------- ------- Cash flows from investing activities: Capital expenditures (3,558) (3,273) Decrease in other assets 57 4 ------- ------- Net cash used in investing activities (3,501) (3,269) ------- ------- Cash flows from financing activities: Proceeds from short-term bank borrowings 1,730 -- Repayments of short-term bank borrowings (203) (800) Proceeds from long-term debt 193 -- Repayments of long-term debt (498) (66) Cash dividends paid (322) (319) Repayments of employee stock purchase plan loans 126 47 Stock options exercised 3 -- ------- ------- Net cash provided by (used in) financing activities 1,029 (1,138) ------- ------- Effect of exchange rate changes on cash (211) 76 ------- ------- Increase (decrease) in cash and cash equivalents 162 (318) Cash and cash equivalents at beginning of period 2,460 2,991 ------- ------- Cash and cash equivalents at end of period $ 2,622 $ 2,673 ------- -------
See accompanying notes to consolidated condensed financial statements. Page 8 PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS (CONTINUED) ROBINSON NUGENT, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (UNAUDITED) DECEMBER 31, 1995 AND 1994, AND JUNE 30, 1995 1. In the opinion of management, the accompanying unaudited consolidated condensed financial statements contain all adjustments necessary (all of which are normal and recurring) to present fairly the financial position of the Company and its subsidiaries, results of operations, and cash flows in conformity with generally accepted accounting principles. 2. Earnings per common share are based upon the weighted average number of shares outstanding during each period, plus common share equivalents resulting from dilutive stock options. 3. The income tax expense for the quarter and the six months ended December 31, 1995 differs from expected effective rates due to income taxes on profit in the United States and no income tax benefits from losses in Europe. 4. Reference is directed to the Company's consolidated financial statements (Form 10-K), including references to the Annual Report, for the year ended June 30, 1995 and management's discussion and analysis included in Part I, Item 2 in this report. Page 9 PART I. FINANCIAL INFORMATION ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS MATERIAL CHANGES IN RESULTS OF OPERATIONS Net sales for the quarter ended December 31, 1995 were $20,047,000, up 6 percent over sales of $18,921,000 in the same period a year ago. The sales growth in the quarter occurred primarily in the United States, Europe and Asia. Sales in Europe advanced by 4 percent or $201,000 as a result the inclusion of Teckino Manufacturing, b.v.b.a. (Teckino), acquired February 21, 1995. Excluding sales by Teckino, Europe was down 9 percent or $484,000. United States business increased 2.7% compared to prior year, as higher domestic sales were partially offset by a shift in business to the Company's Asian operations. Net sales for the six months ended December 31, 1995 were $40,547,000 compared to $38,524,000 for the same period a year ago. The sales growth in the six month period occurred primarily in Europe and Asia. Higher sales in Europe were due primarily to Teckino which had $1,419,000 in sales in the six month period. Higher sales in Asia were due primarily to a shift in customer sales from the United States to Asia. Comparative sales by geographic territory for the respective periods follows:
Three Months Ended Six Months Ended ($000 omitted) December 31 December 31 ------------------ ----------------- 1995 1994 1995 1994 -------- ------- ------- ------- United States: Domestic $13,087 $11,743 $26,028 $24,077 Export: Europe 5 148 37 1,074 Asia 239 913 984 2,381 Rest of world 334 237 557 428 -------- ------- ------- ------- Total export sales 578 1,298 1,578 3,883 -------- ------- ------- ------- Total sales to customers 13,665 13,041 27,606 27,960 Intercompany 1,694 1,918 3,146 3,011 -------- ------- ------- ------- Total United States 15,359 14,959 30,752 30,971 -------- ------- ------- ------- Europe: Domestic 4,704 4,267 9,467 7,665 Export to Asia 319 657 1,028 1,209 Rest of world -- 4 -- 12 -------- ------- ------- ------- Page 10 Total sales to customers 5,023 4,928 10,495 8,886 Intercompany 845 739 1,733 1,426 -------- ------- ------- ------- Total Europe 5,868 5,667 12,228 10,312 -------- ------- ------- ------- Asia: Domestic 1,359 670 2,446 1,167 Export to United States -- 282 -- 511 -------- ------- ------- ------- Total sales to customers 1,359 952 2,446 1,678 Intercompany 831 150 1,582 293 -------- ------- ------- ------- Total Asia 2,190 1,102 4,028 1,971 -------- ------- ------- ------- Eliminations (3,370) (2,807) (6,461) (4,730) -------- ------- ------- ------- Consolidated $20,047 $18,921 $40,547 $38,524 -------- ------- ------- -------
Incoming customer orders for the quarter ended December 31, 1995 were up 36 percent to $21.6 million, compared to orders of $15.8 million in the same quarter a year ago. On a comparative basis, the significant increase in customer orders was due to two factors, an abnormally low bookings rate in the prior year's quarter and a higher order level in the current quarter in Europe. Customer orders for the six months ended December 31,1995 were $41.0 million compared to $37.3 million in the prior year, an increase of $3.7 million or 10 percent. The Company ended the quarter with a backlog of unshipped orders of $15.8 million compared to $12.4 million a year ago. Gross profits in the quarter ended December 31, 1995 amounted to $4,272,000 or 21.3 percent of net sales, compared to $5,269,000 or 27.8 percent of net sales in the prior year. Gross profits are net of engineering charges associated with new product development which amounted to $866,000 or 4.3 percent of net sales in the current quarter compared to $794,000 or 4.2 percent of net sales in the prior year. The reduction in gross profits in the quarter from the prior period reflects lower purchases by a major customer, continued competitive price pressures, higher development costs for a new customized product in Europe and the write-off of machinery and equipment for which there is no anticipated future use. Gross profits for the six months ended December 31, 1995 amounted to $9,533,000 or 23.5 percent of net sales, compared to $10,838,000 or 28.1 percent of net sales in the prior year. Engineering expenses for the six months ended December 31, 1995 amounted to $1,675,000 or 4.1 percent of net sales compared to $1,784,000 or 4.6 percent of net sales in the prior year. Selling, general and administrative expenses of $4,013,000 for the three months ended December 31, 1995 increased by $190,000 or 5 percent compared to expenses of $3,823,000 in the prior year. Higher expenses in Europe and Asia were partially offset by lower payroll and other administrative expenses in the United States. Europe increased $216,000, primarily due to the acquisition of Teckino. Asia increased $177,000 due to the cost of the new regional headquarters in Singapore. Expenses of $7,786,000 for the six months ended December 31, 1995 increased by $29,000 or 0.4 percent compared to expenses of $7,757,000 in the prior year. This primarily reflected reduced commissions, advertising, recruitment, promotions and bonus expense in the United States. Offsetting the expense reduction in the United States were higher expenses in Europe and Asia, reflecting the Company's expansion in these Page 11 areas. Other income and expense for the three months ended December 31, 1995 reflected a net expense of $160,000 compared to $26,000 for the comparable three month period in the prior year. This reflected higher interest expenses, currency losses, and expenses related to the Company's Isocon joint venture. Interest expense increased to $109,000 compared to $65,000 in the prior year due to an increased borrowing level. Currency losses totaled $49,000 compared to gains of $15,000 in the prior year. The Company terminated its joint venture company, Isocon L.C. during the quarter. Total expenses incurred in the joint venture, including the termination cost, totaled $63,000 for the quarter. Other income and expense for the six months ended December 31, 1995 reflected an expense of $338,000 compared to income of $154,000 for the comparable six month period in the prior year. The gain in the prior year includes $236,000 of royalty income paid to the Company by a competitor licensed to manufacture and sell a product utilizing one of the Company's patented features. Interest expense increased to $233,000 compared to $111,000 in the prior year period due to an increased borrowing level. Other expense in the current year includes $122,000 of expenses related to the terminated Isocon L.C. joint venture. The provision for income taxes was provided using the appropriate effective tax rates for each of the tax jurisdictions in which the Company operates. A provision for income tax expense has been accrued for profits generated in the United States, Switzerland, Belgium, Netherlands and the Company's cable operations in Malaysia, but no tax benefit has been recognized on the pretax losses incurred in Scotland, Singapore and the Company's connector operations in Malaysia. The net loss in the quarter ended December 31, 1995 amounted to $56,000 or 1 cent per share, compared to a net income of $937,000 or 17 cents per share, a year ago. The net loss in the quarter resulted from lower gross profits compared to the prior year's second quarter, as noted above, and higher expenses. The net income for the six months ended December 31, 1995 amounted to $744,000 or 14 cents per share compared to $2,035,000 or 37 cents per share a year ago. The year to date net losses from European and Asian operations were $410,000 and $60,000 respectively. European operations had a net loss of $162,000 in this period in the prior year. Asian operation's net income for the six months ended December 31, 1994 was $208,000. MATERIAL CHANGES IN FINANCIAL CONDITION Net working capital at December 31, 1995 amounted to $15.4 million compared to $15.2 million at December 31, 1994 and $15.9 million at June 30, 1995. The current ratio was 2.3 to 1 compared to 2.5 to 1 in the prior year. The reduction in the current ratio was primarily the result of increased short-term borrowings. Short term bank borrowing increased $2,059,000 compared to the prior year, and $1,521,000 compared to June 30, 1995. Cash and cash equivalent balances advanced by $162,000 at December 31, 1995 compared to June 30, 1995. There were no significant changes in long-term debt in the quarter ended December 31, 1995. Long term debt increased $1,633,000 compared to the prior year, due primarily to the acquisition of Teckino Manufacturing, b.v.b.a. Long-term debt due after one-year represented $3.7 million, or 10 percent of shareholders' equity at the quarter end, compared to $2.4 million or 7 percent of shareholders' equity at the prior year's quarter end. The Company believes working capital and capital expenditure requirements can be met from operations, cash balances, and available lines of credit. Page 12 PART II. OTHER INFORMATION Item 1. Not applicable. Item 2. Not applicable. Item 3. Not applicable. Item 4. Submission of Matters to a Vote of Security Holders. The Annual Meeting of Shareholders of Robinson Nugent, Inc. was held on November 2, 1995 for the following purposes: 1. Election of three (3) directors to hold office for three (3) years from meeting date as follows: Vote For Withheld No Vote ----- -------- ------- Shares: Richard L. Mattox, 4,697,900 38,963 -- Diane T. Maynard 4,697,900 38,963 -- Patrick C. Duffy 4,697,900 38,963 -- The following directors shall continue their term of office as a director from November 2, 1995: Larry W. Burke - 1 year Lawrence Mazey - 1 year James W. Robinson - 1 year Jerrol Z. Miles - 2 years Samuel C. Robinson - 2 years Richard W. Strain - 2 years 2. Ratification of the selection of Coopers & Lybrand L.L.P. as certified public accountants for the Company for the fiscal year ending June 30, 1996. Vote ------ For Against Abstain No Vote ----- ------- ------- ------- Shares: 4,732,619 400 3,843 -- Item 5. Not applicable. Item 6. Exhibits and Reports on Form 8-K. (a) See Index to Exhibits. (b) No reports on Form 8-K were filed during the quarter ended December 31, 1995. Page 13 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. ROBINSON NUGENT, INC. -------------------------------------- (Registrant) Date --------------------------- -------------------------------------- Larry W. Burke President and Chief Executive Officer Date --------------------------- -------------------------------------- Anthony J. Accurso Vice President, Treasurer and Chief Financial Officer Page 14 FORM 10-Q INDEX TO EXHIBITS Number of Sequential Item Numbering Assigned in System Regulation S-K Page Number Item 601 Description of Exhibit of Exhibit - -------------- ---------------------------------------- ----------- (2) Not applicable. (4) 4.1 Specimen certificate for Common Shares, without par value. (Incorporated by reference to Exhibit 4 to Form S-1 Registration Statement No. 2-62521.) 4.2 Rights Agreement dated April 21, 1988 between Robinson Nugent, Inc. and Bank One, Indianapolis, N.A. (Incorporated by reference to Exhibit I to Form 8-A Registration Statement dated May 2, 1988.) 4.3 Amendment No. 1 to Rights Agreement dated September 26, 1991 between Robinson Nugent, Inc. and Bank One, Indianapolis, N.A. (Incorporated by reference to Exhibit 4.3 to Form 10-K Report for year ended June 30, 1991.) 4.4 Amendment No. 2 to Rights Agreement dated June 11, 1992. (Incorporated by reference to Exhibit 4.4 to Form 8-K Current Report dated July 6, 1992.) (10) 10.1 Robinson Nugent, Inc. 1983 Tax-Qualified Incentive Stock Option Plan. (Incorporated by reference to Exhibit 10.1 to Form 10-K Report for year ended June 30, 1983.) 10.2 Robinson Nugent, Inc. 1983 Non Tax- Qualified Incentive Stock Option Plan. (Incorporated by reference to Exhibit 10.2 to Form 10-K Report for year ended June 30, 1983.) Page 15 10.3 Deferred compensation agreement dated May 10, 1990 between Robinson Nugent, Inc. and Larry W. Burke, President and Chief Executive Officer, and related agreement dated May 10, 1990 between Robinson Nugent, Inc. and PNC Bank, Kentucky, Inc. (formerly Citizens Fidelity Bank and Trust Company of Louisville, Kentucky) as trustee. (Incorporated by reference to Exhibit 19.1 to Form 10-K Report for year ended June 30, 1990.) 10.4 Summary of Robinson Nugent, Inc. Bonus Plan for the fiscal year ended June 30, 1996. (Incorporated by reference to Exhibit 10.7 to Form 10-K Report for year ended June 30, 1995.) 10.5 1993 Robinson Nugent, Inc. Employee and Non-Employee Director Stock Option Plan. (Incorporated by reference to Exhibit 19.1 to Form 10-K Report for year ended June 30, 1993.) 10.6 Summary of the Robinson Nugent, Inc. Employee Stock Purchase Plan (Incorporated by reference to Exhibit 19.2 to Form 10-K Report for year ended June 30, 1993.) (11) Not applicable. (15) Not applicable. (18) Not applicable. (19) Not applicable. (22) Not applicable. (23) Not applicable. (24) Not applicable. (27) Financial Data Schedule (99) Not applicable. EX-27 2 EXHIBIT 27
5 This schedule contains summary financial information extracted from the Robinson Nugent, Inc. 10-Q for the period ending September 30, 1995 and is qualified in its entirety by reference to such financial statements. 1,000 6-MOS JUN-30-1996 JUL-01-1995 DEC-31-1995 2,622 0 11,393 681 12,041 27,190 62,253 36,819 53,572 11,832 0 0 0 20,950 16,036 53,572 40,547 40,547 31,014 31,014 7,786 0 233 1,409 665 744 0 0 0 744 .14 .14
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